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Lido Protocol Reveals Plans for Withdrawal Feature Ahead of Ethereum’s Shanghai Hard Fork – Defi Bitcoin News

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Lido Protocol Reveals Plans for Withdrawal Feature Ahead of Ethereum's Shanghai Hard Fork

While the Ethereum community prepares for the upcoming Shanghai hard fork in March, the development team for the liquid staking project Lido revealed plans to create an in-protocol withdrawal feature. Lido’s team is seeking community feedback on the proposal that would allow withdrawals after the Shanghai upgrade is completed.

Lido Dominates Defi Economy With $7.9 Billion in Total Value Locked, Team Prepares for Shanghai Withdrawals

As of the time of writing, the decentralized finance (defi) liquid staking protocol Lido is the most dominant defi protocol today, in terms of total value locked (TVL). Statistics from defillama.com show that Lido’s $7.92 billion TVL dominates the $46.56 billion TVL held in defi today by approximately 17.01%.

Lido is the largest holder of staked ethereum as the protocol commands around 29% of the staked ether supply. Lido’s ethereum derivative token STETH is the 13th largest market valuation in the cryptocurrency economy with $7.73 billion. Furthermore, Lido has a governance token called lido dao (LDO), which has a market capitalization of around $1.96 billion on Jan. 25, 2023. The day prior, Lido’s development team published a proposal concerning withdrawals after the Shanghai upgrade.

Lido Protocol Reveals Plans for Withdrawal Feature Ahead of Ethereum's Shanghai Hard Fork
Diagram of the Ethereum slashing penalties timeline highlighted in Lido’s in-protocol withdrawal proposal.

Ethereum developers are determined to make the Shanghai hard fork happen this March and the main focus is allowing staked withdrawals. “The design proposed by Lido on the Ethereum Protocol Engineering team addresses these challenges with the in-protocol withdrawal requests queue,” the Lido team explains in a summary of the withdrawals landscape via the Lido protocol. “The process has to be asynchronous, due to the asynchronous nature of ethereum withdrawals,” the Lido developers add.

The Lido developers explain there would be various modes of withdrawals including a “turbo” feature and a “bunker” feature. Further penalties and slashing would be codified for validators that break the rules. The summary explains how slashings affect a user’s withdrawal request fulfillment.

“We are seeking the community’s feedback to make sure that our proposal takes all important considerations into account and to identify any potential improvements,” the Lido team details. “Your feedback is invaluable to create a proposal that is effective, efficient, and fair for all stakeholders.”

Tags in this story
asynchronous, community, community feedback, Cryptocurrency Economy, DeFi, defillama.com, Dominant Defi protocol, effective, efficient, Ethereum, Ethereum Developers, Ethereum withdrawals, fair, feedback, Focus, governance token, in-protocol withdrawal requests, LDO, Lido, lido Dao, Lido Defi, Lido Protocol, Lido Staking, Lido team, Liquid Staking, Market Capitalization, penalties, proposal, protocol, queue, Shanghai hard fork, slashing, staked Ethereum, stakeholders, STETH, total value locked, user’s withdrawal request fulfillment, Validators, withdrawal feature, Withdrawals

What are your thoughts on Lido’s proposal for in-protocol withdrawal requests and the upcoming Shanghai hard fork? Do you think this feature will have a significant impact on the crypto and defi market? Share your opinions in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Hotbit Exchange, a global crypto trading platform, officially listed $ESCROW (Cryptegrity DAO) on January 27, 2023. The ESCROW/USDT trading pair is now available for all users of Hotbit Exchange.

To increase trust and protect the funds of buyers and sellers, Cryptegrity DAO (ESCROW) has introduced a means to trade crypto for goods and services without fear of theft or services not rendered, providing Security via smart contract technology. Its native token $ESCROW has been listed on Hotbit Exchange at 07:00 AM UTC on January 27, 2023, to expand its global reach further and maintain a secure and reliable platform for the exchange of goods and services using crypto.

INTRODUCING CRYPTEGRITY DAO

Cryptegrity is a blockchain-based platform that aims to increase trust between buyers and sellers of goods and services. The platform utilizes smart contract technology and cryptographic techniques to ensure transactions’ integrity and funds’ security. 

Cryptegrity’s web3 platform offers transparency and peace of mind that is impossible with traditional web2 competitors. Buyer funds are locked in an audited smart contract and released to the seller only when goods are received or services are rendered. This ensures that buyers and sellers can have confidence in the security of their transactions and reduces counterparty risk.

25% of revenue is distributed to $Escrow holders in real-time through smart contract technology. This revenue sharing continues for the lifespan of the platform or until all tokens are repurchased from public circulation. The Cryptegrity platform incentivizes the community and holders to help create liquidity and earn rewards by offering $Escrow for creating $Escrow LP pairs and staking them. Additionally, the Cryptegrity DAO rewards participants for contributing and resolving issues on the platform.

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In conclusion, Cryptegrity is an innovative platform changing our thoughts about online identity verification. With its cutting-edge technology, user-friendly interface, and listing on Hotbit, this project is poised to make a big impact in the industry.  

About $ESCROW Token

The Escrow Token serves dual purposes: it distributes platform fees to Token holders via revenue sharing and functions as a governance token with voting rights in the Cryptegrity DAO. It is the native token of the Cryptegrity Platform and is built on the Bep-20 and Erc-20 standards.

ESCROW has a total supply of 100 million tokens, with the following allocation: 10% to founders, 10% to the team, 10% for marketing and development, 10% for promotions, 10% for partnerships, 10% for liquidity for future DEX and CEX, and 40% available for sale to the public.

The ESCROW token is now available for trading on Hotbit Exchange starting at 07:00 AM UTC on January 27, 2023. Investors can easily buy and sell the token in relation to the Cryptegrity Project. The listing on Hotbit Exchange will aid in expanding the project’s reach and increasing market attention.

ABOUT HOTBIT

Founded in 2018 and holding Estonian MTR license, American MSB license, Australian AUSTRAC license, and Canadian MSB license, Hotbit cryptocurrency exchange is known as a leading trading platform that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit has already gained over 8 Million registered users from more than 210 countries and regions. Based on its globalized and unified strategies, Hotbit continues to focus on world’s emerging markets, such as Russia, Turkey and Southeast Asia markets and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019. Hotbit is constantly introducing and listing high-quality crypto projects so its users can directly trade, manage, track, and analyze cryptocurrencies, making the entire experience easier for ordinary people.

Start Trading Now: Hotbit.io

Telegram: https://t.me/Hotbit_English 

Twitter: https://twitter.com/Hotbit_news


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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.

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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.


“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”


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Australian Government Flagged FTX Concerns Eight Months Before Downfall

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Australian Government Flagged FTX Concerns Eight Months Before Downfall

A new report shows that the fallen crypto exchange FTX had already caused concerns with the Australian regulator months before its collapse. According to a document on The Guardian Australia’s website, the ASIC (Australian Securities and Investments Commission) started investigating the firm’s local operation last March.

An article in the Australian Financial Review prompted the concerns. The article outlined the now-bankrupt exchange’s plans to launch in Australia within a few weeks. FTX caused more concerns when rumors that it would allow users to purchase cryptocurrencies with margin loans of 30 times their investment started making rounds.

In early April 2022, several Australian regulators held meetings with FTX leadership, and at that time, the exchange promised to operate under the stipulated while cautioning its customers about potential scams. However, the regulators somehow remained concerned about the FTX business.

Report Shows ASIC Issued Several Notices to FTX Australia Within a Few Months

In a span of four months, the ASIC had issued about four notices to FTX’s Australian subsidiary, requesting more information about its business operations. However, to avoid interfering with its law enforcement activities, ASIC did not issue the notices via a freedom of information request.

The Guardian Australia’s briefing document released on November 12, 2022, a day after FTX had filed for bankruptcy, indicates that, indeed, the ASIC had been carrying out what’s described in the document as a ‘surveillance activity’ on the fallen exchange since last March.

The document stated that since March 2022, the Australian regulator has been requesting information from FTX Australia regarding its financial offerings. Among the issues raised included the firm’s compliance with the ASIC’s product intervention order alongside pricing and how it registered new users.

FTX Licensing Strategy

It has been discovered that FTX Australian began its operations without ASIC’s approval because it evaded the usual licensing procedures by buying out an existing firm that had possessed an Australian Financial Services License since 2021.

Another revelation shows that IFS Markets, the company acquired by FTX, had also gotten the license by taking over another financial firm called Forex Financial Services a few months earlier.


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